Q3 2023 progress update

We’re committed to providing regular updates on our progress in delivering the digital solutions outlined in Blueprint Two


Progress against our Blueprint Two goals

As we approach the technology delivery and adoption of Blueprint Two through 2024, our interaction with the market becomes increasingly important. It’s vital that every firm understands what needs to be done ahead of the cutover to phase one digital services in July 2024. 

To keep you informed of our progress towards delivering Blueprint Two, we’ll continue to provide transparent updates around key milestones - both through written communications and in-person events.  

Below details the progress made in Q3 to deliver the new digital services across open market placement, delegated authority placement, and claims. 

  • We have shared our Q3 2023 milestone of defining and sharing the two-phase deployment approach. Phase one digital services will go live in a single market cutover in July 2024, providing a set of capabilities that will enable the transition to the new digital processing services. Phase two digital services will be available from April 2025, enabling the market to work in a fully digital environment.

  • The first market training will be available from November, and an education and training roadmap will be shared at a later date.

  • In July, the London Market Group’s Data Council published their Process, Roles & Responsibilities Final Recommendations for a fully digital open market placement process, and in August, the ACORD GRLC Contract, Risk, and Pre-Accounting Implementation Toolkit was published. Ensuring the adoption of the MRC v3 is now a priority. 

  • 11 new currencies are now available for Faster Claims Payment (FCP) funding, and all managing agents should have signed their Market User Agreement and met with the adoption team to discuss their loss fund and binder contract data, so they can maximise use of the solution.

  • In delegated authority, data strategy work continues, and further information regarding the scope for the new digital delegated authority service, execution details, and DA-related Data Council activities will be shared shortly. 

  • There are a host of resources to support market participants with adoption of phase one digital services which will go live in July 2024. You can read more in the progress update below. 


Quarterly progress updates


You will note references to Velonetic in our update below. On 18 September, Velonetic was announced as the new brand identity for the London Market Joint Ventures (a shareholding between DXC Technology, the International Underwriting Association (IUA), and Lloyd’s). You can find out more about the work Velonetic is doing to support insurance business processing today, and their build of new digital services for 2024 on their new website

Progress update

Here you’ll find more detail on the major milestones to deliver solutions across open market placement, delegated authority placement, and claims, as well as key progress towards future milestones and actions market participants must take to ensure they successfully prepare for the upcoming changes. 

Q3 milestones 

Deployment approach 

Our deployment approach, including the approach to testing, was shared at the Blueprint Two market working session on 19 June 2023 and an update was provided in our Q2 progress update.

Phase one digital services will go live in a single market cutover in July 2024, providing a set of capabilities that will enable the transition to the new digital processing services. This will enable business to be processed on the new premium and claim systems (known as IPOS and ICOS), with minimum impact on your business. Phase two digital services will be available from April 2025, enabling the market to work in a fully digital environment when the Digital Gateway goes live (also in April 2025).

We’ll provide further information, resources, and support (including training, see next milestone) to firms throughout their adoption journey.

Training materials  

The first market training materials are on track for delivery in November and the initial stage of the education journey is all about raising awareness of the change. We want learning to be meaningful, purposeful, and timely, so we are working with the Vanguard programme and taking feedback from multiple areas.

The education and training roadmap to support adoption is being drafted and will be shared at a later date.

Open market placement

Two key resources for open market placement are now available: the London Market Group (LMG) Data Council’s Process, Roles & Responsibilities Final Recommendations, and the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit

With adoption of the Market Reform Contract (MRC) v3 template now a priority, there are important steps for market participants to take.

Key resources for future-state open market placement process now available

Having considered feedback provided in the Process, Roles and Responsibilities (PRR) Market Consultation earlier this year, the London Market Group’s Data Council published its PRR Final Recommendations in July. This key deliverable sets out the final recommendations to operate in a fully digital open market placement process, and the allocation of roles and responsibilities for the creation, approval and submission of data into the Core Data Record (CDR) and the processing of that data.

More recently, ACORD, the standards-setting body for the global insurance industry, announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit; a new data messaging standard to facilitate the efficient exchange of insurance data. The CRP standard contains all the data points, validation rules, messaging structures, and submission events required to meet the Core Data Record v3.2 data requirements. It defines how stakeholders will build and implement new systems in order to interact with participants across the London market.

The resources are the first and second part of a trilogy of important documents which together will support adoption of new, digital ways of working. The third and final document is a Good Practice Guide, to be published in the coming months. 

Market Reform Contract (MRC v3) adoption

The MRC v3 has been published and is ready to use. Many brokers are using the creation of the ACORD compliant CDR and the MRC v3 as a platform to enable digital strategies within their firms; this is welcomed progress as we look to collectively drive the digitalisation of our market. Digital strategies vary by firm, with some brokers choosing the data-first option and others adopting a more iterative approach. With this in mind, there will be two routes to digital adoption that will both enable a common end state:  

  1. Brokers can continue with MRC v3 implementation for open market contracts incepting from 1 January 2024 as originally outlined by the LMG Data Council

  2. Brokers can evidence robust plans to the Blueprint Two adoption team by 31 December 2023 that demonstrate their capability to produce digital messages (CRP / EBOT / ECOT) by the end of 2024 for onwards submission to Velonetic 

Through appropriate governance, the LMG Data Council intends to determine a point in the future where Velonetic will no longer accept LPANs as a direct feed into the Gateway and digital messaging will become a requirement for all market participants.

Next steps for those market participants implementing the MRC v3:

  • Familiarise themselves with the MRC v3 template, which can be accessed through the LIMOSS Market Business Glossary (MBG) or LMG website. Other resources including anonymised, populated MRC v3 examples are also available to support

  • Brokers should produce all* new contracts and contract renewals using the MRC v3

  • Carriers should be prepared to receive and understand the changes introduced within MRC v3 and supply their data in the new template

If you have any questions, please contact us

* There is a small minority of instances where specific clients may require a different MRC format, which is catered for in the Lloyd's byelaw.


Faster Claims Payment (FCP) is our transformative new funding and payment solution, providing fast and direct payment of customers’ claims through the Vitesse payment platform. All managing agents should now have signed their FCP Market User Agreement and met with the FCP adoption team to discuss their loss fund and binder contract data so they can start maximising the value of the solution. New currencies for FCP funding also mark a major improvement in the service. 

New currencies for FCP funding 

As of September, managing agents can now create funding accounts – central accounts held with Vitesse to fund the payment of claims – in 11 new major currencies. This enhancement provides greater flexibility and cost-effectiveness across the claims payment process. Topping up funding accounts created in these currencies, as well as the original available currencies USD, GBP and CAD, won’t incur FX fees when transferring money in the same currency.

Vitesse continues to offer its free ‘Accelerator Support Programme’ to assist managing agents with the solution, and is also working with LIMOSS to deliver a ‘Back-Office Matching Service’ to support managing agent reconciliation processes which will be delivered by the end-October.

Next steps for market participants

  • Contact us if your require more information on FCP. 

  • Understand which lead and follow syndicates, brokers and DCAs are ‘FCP ready’ and which are ‘FCP live’ to assist with binder selection. You can review this on the LIMOSS FCP website, which also has self-service training material available to assist you.

Delegated authority 

Delegated authority (DA) data strategy work continues, with further information regarding DA premium processing and claims service to be shared shortly. 

DA data strategy and premium processing and claims service underway

Work continues on implementing the DA data strategy, which uses the guiding principles that were published earlier in the year. 

We provided an update on the delegated authority premium processing and claims service (sequence four of the digital processing build), at the market event on the 25 September. A recording and slides from this session will be available shortly.

Market engagement and adoption

As we approach the phased delivery and adoption of Blueprint Two through 2024, our engagement with market participants becomes increasingly important. The entire market must cutover to phase one services in July 2024 before adoption of phase two. There are a number of activities you must undertake in order to adopt phase one, outlined in our new adoption guide.

Adoption guide

We’ve created a phase one Blueprint Two adoption guide for brokers and underwriters. The guide will aid operations, change and technology leaders to understand the action needed to adopt phase one of digital services in July 2024. 

The guide provides an overview of the phase one capabilities for the following activities: premium submission and signing; premium settlement review and release; claims submission and agreement; and claims settlement submission and release. 

In Q4 2023, we’ll also release further details on the requirements for phase two digital services (which will be available from April 2025). 

Model office

As we shared in our last progress update, we’ve developed the model office to aid understanding and adoption of the Blueprint Two solutions. Situated on Gallery 3 of the Lloyd’s building, we’ve created virtual storyboards that explain the current process of placing risk and making a claim in the Lloyd’s and London market; highlighting challenges in the current journey, the solutions being built through Blueprint Two, and the benefits the new technology will bring for brokers and underwriters. You can find journeys for both open market and delegated authority business, as well as a deep dive on the technology solutions we’re building. To have a briefing or to find out more information, contact your engagement partner. You’re also welcome to visit the model office at your own leisure.

You can find the same journeys and content, as well as more details and technical resources to support your adoption plan, on our newly refreshed Blueprint Two webpages. Here you’ll find a wealth of guides and information, ranging from our new adoption guide (mentioned above), to the latest API and EDI specifications. 

Complementing the model office, our partners at Velonetic have recently launched their new area on Gallery 4 at Lloyd’s. You can find them at the top of the escalators, next to the Lloyd’s Market Association. The space is ready and open for visitors, and you can get in touch with your Velonetic customer relationship manager, or one of the engagement team to visit, meet, and collaborate. Your Velonetic customer relationship manager will be able to support you with any product or service-related questions, and your engagement partner with any wider Blueprint Two questions, including providing support to develop your adoption plan.


The market process for premium accounting and settlement, and claims processing and settlement, are driven by a set of messaging standards commonly known as Electronic Data Interchange (EDI) messages, which will be replaced when the new digital processing services are fully operational. 

Velonetic announced in August 2022 it would continue to support standard EDI messaging (as per the specifications published previously) as part of phase one digital services, and that customised EDI messages would no longer be supported. 

Responding to market feedback, Velonetic has analysed the usage of customised EDI and concluded it can extend its market support to include a selection of more widely used customisations. Velonetic is in the process of desivising a plan for that potential extension of scope, and will announce the specific customisations it will support and any specific commercial arrangements in Q4 2023.

To assist market firms in planning for a successful approach to adopting phase one digital services, the Blueprint Two engagement partners are sharing Velonetic’s understanding of the types of EDI messages individual firms send and receive, and whether or not those messages are customised.

Market survey

In order to track adoption progress, we conduct surveys that focus on the market’s perceived understanding and readiness for the adoption of the new digital services. These surveys provide insight into the action being taken by the market and any additional support required.  

The results of the survey can be found here

Overall, the level of progression on change activities was fair, with a good level of familiarity on the Market Reform Contract v3 and Core Data Record v3.2. This is positive and shows our regular engagement with firms is beneficial.

There are still a number of areas that require additional focus from brokers and underwriters, including the need to document and complete an internal stakeholder analysis and change plans, to ensure they are in a good position to adopt phase one digital services in July 2024. In many cases, the right resources have been allocated, although budgets to cover the change still need to be confirmed, especially for broking firms. Our engagement partners will be working with firms over the next few months to support progression through some of these key stages in preparation for phase one digital services.

Answering your questions 

In addition to the one-to-one meetings and group community sessions that market firms may have with the market engagement team, and the quarterly market working sessions, questions can also be submitted directly to the Blueprint Two team through the question tool. So far, we have received over 850 questions from the market, and have published a set of frequently asked questions from the key topics raised. View the latest version here.

Useful links

Previous Q4 2023 progress update
Next Q2 2023 progress update